COLORADO DEPARTMENT OF REVENUE
STATEMENT OF BASIS AND PURPOSE

Re: Regulation 39-22-522 (1 CCR 201-2) – AMENDED. 
Gross Conservation Easement Credit. 

Basis:

The statutory basis for this regulation is §39-21-112 and §39-22-522

Purpose:
	House Bill 07-1361 amended in Colorado Revised Statute §39-22-522.  As a result of the 2007 legislation the Department of Revenue has incorporated into regulation 39-22-522 two new sections to correspond with the statute.  This includes a section pertaining to “Documentation” which indicates what documents are required to claim and utilize the credit.  Additionally, a section specifically addressing “Appraisals” has been added to include statutory changes.

	This amended regulation also consists of various language clarifications such as within existing sections pertaining to “Transfer of Credits,” “Statute of Limitations,” and “Credit Carry Forward.”

	Amendments also include minor word change to clarify specific areas of the regulation.